SC raps govt for non-action on blackmoney asks to track source!Sonawane murder: Crackdown on oil mafia; over 180 arrested!Rly financial position worsens: All PPP projects put on hold!No Monetary Policy. No fscal Policy! Vote bank Mobilisation on Tomost Priority! The Exclusive Economy of Ethnic cleansingalso may not bear the TOLL!Railway Minister of WEST BENGAL Mamata Banerjee has sacrificed National Interest to win the BRAHAMINICAL Power Politics in her state as it seems that she faces DEFICIT in SWISS Bank Resources despite her band of Billionair MPs, Industrialisats and Friendly Anti Communist India Incs!

Skipping Caste Census for Long Pending OBC Headcount,Census 2011 reaches out to young India!

Faced with a financial crisis, Railways have put on hold all PPP projects including proposed plants at Kanchrapara in West Bengal and Madhepura and Marhora in Bihar

Jaya alleges underworld link, wants 2G licences canceled

Rahul Gandhi begins three-day Maharashtra visit

Troubled Galaxy Destroyed Dreams, Chapter 579

Palash Biswas

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Company Profile - Indian Railway Finance Corporation Ltd.

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Skipping Caste Census for Long Pending OBC Headcount,Census 2011 reaches out to young India!

SC raps govt for non-action on blackmoney asks to track source!Authorities launched a massive crackdown on oil adulteration mafia across Maharashtra today raiding 200 places and arresting around 180 people after an official was burnt alive while the Centre unveiled steps to reduce scope for diversion of subsidised kerosene.Over 80,000 gazetted officers in Maharashtra also ceased work for the day to protest the killing of Malegaon Additional District Collector Yashwant Sonawane by suspected members of the oil mafia at Manmad in Nashik district, about 260 kms from Mumbai, on Tuesday.

Meanwhile,Rahul Gandhi begins three-day Maharashtra visit!

Rly financial position worsens: All PPP projects put on hold! No Monetary Policy. No fscal Policy! Vote bank Mobilisation on Tomost Priority! The Exclusive Economy of Ethnic cleansingalso may not bear the TOLL!Railway Minister of WEST BENGAL Mamata Banerjee has sacrificed National Interest to win the BRAHAMINICAL Power Politics in her state as it seems that she faces DEFICIT in SWISS Bank Resources despite her band of Billionair MPs, Industrialisats and Friendly Anti Communist India Incs!

Faced with a financial crisis, Railways have put on hold all PPP projects including proposed plants at Kanchrapara in West Bengal and Madhepura and Marhora in Bihar

Government today found itself on the backfoot in the Supreme Court which asked why action has not been taken against those who have stashed blackmoney in foreign countries and asked it to go after the source of money which may be from arms deals, drug trafficking and smuggling.

Expressing concern that the black money stashed in banks abroad might have originated from arms deals, drug trafficking and smuggling, the Supreme Court today asked the government as to what action it had taken against individuals and firms having foreign accounts.

A bench headed by Justice B Sudarshan Reddy directed the government to file its response by Thursday next.

The court also sought replies from the government, RBI and CVC on a petition seeking direction to the government to ratify UN convention on corruption which would facilitate in bringing back black money from foreign banks.

Asking the government not to restrict its probe only to the tax evasion aspect, the bench told the government to go after the sources of black money.

"We want to know what steps you have taken against the people who have accumulated so much money in foreign banks. What are the sources of the money," the bench asked.

"These are people in the country who are amenable to the law. What action have you taken against them when you came to know that they have stashed money in foreign banks?

"What are the sources of the money? Where has the money come from? It might be because of arms deals, smuggling, narcotics, drug trafficking or something else. These are more serious issues, when you know the name, what action you have taken?," the bench asked.

"That is a serious matter which we are concerned about. You know the names, (you know) where the money is lying, still you are talking about double taxation issue," the bench said when Solicitor General Gopal Subramanium submitted that the government is taking all actions under Double Taxation Avoidance Agreement (DTAA) against the people who have stashed money in foreign banks.

"Looking at the issue from the taxation point of view is just one aspect but there are other serious matters associated with the black money which we are concerned about," the bench said.

The government, however, submitted that it is taking action under international agreements and the law against the erring persons and it has no problems in sharing the information with the court.

The solicitor general submitted that many agencies are working on the case and investigation is going on.

Senior advocate Anil Divan, appearing for petitioner and former Union Law Minister Ram Jethmalani, accused the government of not being serious on the issue, saying that Pune-Based businessman Hasan Ali, facing probe for his foreign bank accounts, has fled the country.

The court, after hearing Divan, asked the government to find out whether Ali is present in the country or has left it.

The court after hearing the arguments posted the matter for further hearing on Thursday.

The court was hearing a petition filed by Jethmalani seeking direction to the government to bring back black money stashed in foreign banks which, according to him, amounted to around USD one trillion.

The apex court had on January 19, while hearing the matter, had expressed displeasure over the government's reluctance in coming forward with full information on the black money issue, saying keeping national wealth abroad amounted to "plunder" of the country.

"It is a pure and simple theft of the national money. We are talking about mind-boggling crime. We are not on the niceties of various treaties," the court had remarked.

The remark by the bench had been made when the solicitor general was explaining various steps taken by the government under the Double Taxation Avoidance Act.

The court had expressed unhappiness that the government had filed an affidavit restricting information relating to the money deposited by 26 persons in Liechtenstein Bank in Germany.
Black Money: FM Tells CBDT to Focus on Foreign Shores
As the clamour for bringing back black money stashed overseas grows, the Finance Ministry has quietly rejigged work allocation at the Central Board of Direct Taxes, with Chairman Sudhir Chandra told to exclusively focus on the agency's foreign taxation wing.

The foreign taxation wing in the Central Board of Direct Taxes (CBDT) and the Directorate of International Taxation (Income Tax) are the two units of the government that are dealing with all issues related to unearthing black money and signing and revising tax treaties with various countries and tax haven nations.

According to an internal note of the Finance Ministry, the CBDT Chairman will no longer handle the zonal charge of Mumbai, which is the largest tax-paying city and contributes the maximum revenue to the government's direct taxes kitty.

The Mumbai zone charge has traditionally been held by the CBDT's top boss and it is the only city identified as a zone by the I-T department, whereas the rest of the country has been categorised into larger regions like the West and Rajasthan, North and Uttar Pradesh, East and South.

"The CBDT chairman will now not handle the Mumbai zone. He will exclusively deal with cases of international taxation and look after the flow of classified financial communication and information from various countries," sources said, adding that the rejig has been implemented with "immediate effect" with the approval of Finance Minister Pranab Mukherjee.

The foreign taxation unit of the CBDT is also the nodal agency to receive classified tax data from treaty countries, which is sent in code as stipulated by the Organisation for Economic Cooperation and Development (OECD).

The Mumbai zone will now be looked after by the CBDT Member (Personnel and Vigilance).

The rejig of work allocation has also put the operations of the Directorate General of Logistics -- which has been created to enable the "Income Tax Department to deal with the challenges emerging from the new work environment" -- under the chairman's control.

"The challenges of the new work environment are nothing but the laws, rules and regulations of foreign countries, especially tax havens which do not allow extraction of tax evasion and black money data simply. This unit studies all such areas and prepares case studies for Income Tax officers dealing with Double Taxation Avoidance Agreements (DTAA) and others," sources said.

Incidentally, the I-T department is all set to operationalise eight new units in foreign shores, like the United States of America (USA), United Kingdom, Netherlands, Japan, Cyprus and Germany, among others, and the officials will have to understand the tax laws of these countries.

Chandra, sources said, was till recently the Member (Investigation) in the CBDT before being elevated to the top post and he is completely abreast with all the high-profile probes that the Income Tax Department is currently pursuing.

"The new arrangement helps better processing and galvanising of investigations and foreign tax issues," they said.

The responsibilities of other CBDT Members are largely the same as earlier.

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Before charting out the statistical map of more than a billion people, Census 2011 has reached out to the nation''s young citizens to spread the word through new efforts ranging from specially designed kits for students to logging on to social networking sites.

With the first or preparatory phase of the 15th Census over, the second phase, which will reveal information about the nation''s population, is due to be carried out all over the country between February 9 and 28.

Census officials have made efforts to reach out the young Indian. One of their attempts has been to engage the interest of students studying in Class VI, VII and VIII all over the country.

"Reaching a child means reaching the child''s family. So we want as many people as possible to be aware and to have goodwill towards the entire census activity," Director Census Operations, Delhi Varsha Joshi told PTI.

A ''Census Week'' is being undertaken internally by a number of government, public and private schools identified for the purpose in each district where youngsters have been acquainted with the relevance of the Census and its previous outcomes.

Supreme Court to hear PIL seeking CVC Thomas removal

ANI - Thu, Jan 27 10:59 AM IST

The Supreme Court will on Thursday hear a PIL challenging Central Vigilance Commissioner PJ Thomas' appointment and seeking his removal. More »Supreme Court to hear PIL seeking CVC Thomas removal

Rahul in Nagpur on three-day Maha tour

PTI - Thu, Jan 27 11:01 AM IST

Rahul in Nagpur on three-day Maha tour

BJP may move to court over foiled Ekta yatra

ANI - Thu, Jan 27 12:32 PM IST

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Tata Comm, Cisco launch telepresence in Westin Tokyo

PTI - 33 minutes ago

New Delhi, Jan 27 (PTI) Tata Communications along with network giant Cisco today launched virtual meeting technology in the Westin Tokyo with high-definition conferencing facilities allowing participants to meet their colleagues, customers and business partners across a virtual table.Located in Central Tokyo, the public Telepresence room will link to … More »Tata Comm, Cisco launch telepresence in Westin Tokyo

Reliance Infra commissions Solapur-Karad transmission …

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New Delhi,Jan 27 (PTI) Anil Ambani-led Reliance Infrastructure … More »Reliance Infra commissions Solapur-Karad transmission …

HDFC Bank opens 100th branch in Andhra Pradesh

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"Looking at the issue from taxation point of view is only one aspect. Some names have been given to you in respect of a bank. What steps have you taken? Have you set law in motion. They are Indian people and are amenable to Indian law," a bench comprising Justices B Sudarshan Reddy and S S Nijjar said.

"That is a serious matter which we are concerned about. You know the names, (you know) where the money is lying, still you are talking about double taxation issue," the bench said, asking "What action have you taken against them when you came to know that they have stashed money in foreign bank(LGT Bank in Liechtenstein)."

The court''s remark came after the Solicitor General Gopal Subramanium submitted that the government is taking all actions under Double Taxation Avoidance Agreement (DTAA) against the people who have stashed money in foreign banks.

Asking the government not to restrict its probe only to the tax evasion aspect, the bench said it should track down the sources of blackmoney.

"Why are you looking only at tax evasion issue in this matter when there are more grievous offences associated with such cases. That is the most dangerous part of the story. Have you done anything," the court said.

The government, however, tried to convince the court that it is taking all possible action under international agreements and law against the erring persons and it has no problems in sharing the information with the court.

The solicitor general submitted that many agencies were working on the case and investigations were underway.

The court appeared to be not satisfied with the contention of Subramanium and asked him to file a detailed report by Thursday next on what action the government has taken against people who have parked their black money in foreign land.

"What are the sources of the money? Where has the money come from? It might be because of arms deals, smuggling, narcotics, drug trafficking or something else. These are more serious issues, when you know the name, what action you have taken?," the bench asked.

The court also sought replies from the government, RBI and CVC on a petition seeking direction to the government to ratify UN convention on corruption which would facilitate in bringing back blackmoney from foreign banks. .

Over six decades after Independence, the Parliament in India is lying completely paralysed and no one knows as of now, how to end the deadlock between the government and the opposition.

Parliament is supposed to meet on February 21 for approving the annual budget to enable the government to meet national expenditures, but the continuance of the standoff between the government and the opposition has created uncertainty about the manner in which it will sanction the money.f the opposition continues to disrupt proceedings in the two Houses, there will be no alternative to passing the entire budget with a desultory voice vote of 'ayes' and 'nos' without a moment's scrutiny.

This kind of contingency is not ruled out unless the government and the opposition parties sort out their differences over the next few days.

Several attempts, and two by the Speaker, to bring about a consensus between the government and the opposition to put Parliament back on the rails have failed.nformal contacts between the government and the opposition parties, however, have been resumed to find a way out.

On the success of these efforts will depend whether the budget will be subjected to a proper scrutiny by Parliament, or a mere voice vote will do the trick.
It will be very unfortunate if the budget of so large a nation as India's is to be passed without due deliberation envisaged in the Constitution. The nation will, however, feel highly relieved if behind-the-scene discussions lead to a solution to the current stalemate.

At the core are the differences between the opposition and the government on the manner in which Parliament is to examine the 2G scam that the opposition parties, led by the BJP, say has cost the nation a loss of Rs 1.76 lakh crores.

The Government has made it clear that it is prepared to be cross- examined by the PAC. The opposition parties on the other hand, want Parliament to set up a joint parliamentary committee (JPC) to probe the 2G scam.

The government has, so far, rejected the opposition demand for a JPC.

The Communist Party of India (M) and other Left parties after much deliberation, are now trying to distance themselves from the BJP by announcing that while they favour the demand of a JPC, they will no longer be a party to disrupting the debate on the budget.

The party, like the BSP, is not joining the disruption campaign within the House in any case.

This will certainly leave the BJP isolated in the two Houses, and in turn, could lead the party to do a rethink of its strategy.

Maybe the government-opposition talks will be resumed after the Republic Day and Beating of Retreat functions.

The first week of February will be crucial to save Parliament from further public ridicule.

Vulnerable employment cases highest in SAsia: ILO

Incidence of ''vulnerable employment'' is highest in South Asia, including India, with 580 million people in the region falling under the category, says the annual Global Employment Trends report of the International Labour Organisation.

People in the vulnerable employment category in the region are saddled with low wages and little social protection, said the report.

In fact, the whole of Asia Pacific region had a comparatively higher level of vulnerable employment cases compared to the rest of the world.

The report released this week, however, said that unemployment rate in India and in South Asia as a whole had "fairly" stabilised.

It said "rapid economic growth has resumed" and the region''s unemployment rate has been fairly stable, running between 4.3 and 4.5 percent between 2007 and 2010.

"However, the region has the highest rate of vulnerable employment in the world, at 78.5 per cent of total employment in 2009," it said.

The report also sought to caution that unemployment is not the only main labour market challenge in the region as employment growth also "did not automatically equate to positive labour market trends".

It highlighted the issue of youth unemployment, saying young people are 3.5 times as likely to be unemployed as adults.

There are "gender-based inequalities also, such as the disproportionate number of women in low productivity or vulnerable employment," it said.

It said that globally, the youth unemployment rate was 12.6 per cent in 2010, which was 2.6 times the adult unemployment rate.

In South Asia, it was 9.5 per cent while in South-East Asia and the Pacific it was 1.42 per cent and in East Asia it was 8.3 per cent.

For the Asia and the Pacific region as a whole, it forecast that while rapid economic growth has resumed, regional unemployment is expected to see little change in 2011.

It said youth unemployment, vulnerable employment, poverty and lack of social protection would continue to remain a major cause of concern for policy-makers.

School principal sets herself afire

Jaunpur (Uttar Pradesh), Jan 27 (IANS) A school principal here set herself afire outside the home of the school manager who she claimed had been sexually harassing her, police said Thursday. The woman's condition was described as 'extremly serious'.

The incident took place in Shahganj locality of Jaunpur, about 250 km from the state capital Lucknow.

In a suicide note, she blamed the manager for prompting her to take the extreme step.
'The note said the school manager was sexually harassing her for a long time on false assurances to marry her,' Senior Superintendent of Police S.K. Bhagat told reporters here.
'Preliminary investigations reveal the principal had learnt that the manager was only interested in an illicit relationship and not in marrying her,' he said.

Efforts are on to arrest the manager.

'She is being treated for multiple burn injuries. Her condition is extremely serious,' an official said.

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After Sonawane's death, Govt launches crackdown on oil mafia

NDTV.com - ‎55 minutes ago‎

Mumbai: As government employees went on a mass protest against the burning alive of Manmad Additional Collector Yashwant Sonawane, the government launched a crackdown on adulteration dens around kerosene depots across Maharashtra. ...

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Black market

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"Black economics" redirects here. For the economic empowerment of black Africans in South Africa, see Black Economic Empowerment.

"Black Market" redirects here. For other uses, see Black market (disambiguation).

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The black market (sometimes known as underground or black economy) is trade, goods and services that are not part of the official economy of a country; this may be legal activities where taxes are not paid, or illegal activities, such as drug trafficking, arms trafficking, and prostitution.^[1]

Black market on graffiti. Kharkov, 2008

In modern societies, the underground economy covers a vast array of activities. It is generally smaller in countries where economic freedom is greater, and it becomes progressively larger in those areas where corruption, regulation, or legal monopolies restrict economic activity in various goods, services, or trading groups.^{[citation needed]}

[edit] Pricing

Goods acquired illegally take one of two price levels:

They may be cheaper than legal market prices. The supplier does not have to pay for production costs or taxes. This is usually the case in the underground economy. Criminals steal goods and sell them below the legal market price, but there is no receipt, guarantee, and so forth.
They may be more expensive than legal market prices. The product is difficult to acquire or produce, dangerous to handle or not easily available legally, if at all. If goods are illegal, such as some drugs, their prices can be vastly inflated over the costs of production.

Black markets can form part of border trade near the borders of neighboring jurisdictions with little or no border control if there are substantially different tax rates, or where goods are legal on one side of the border but not on the other. Products that are commonly smuggled like this include alcohol and tobacco. However, not all border trade is illegal.

[edit] Consumer issues

Even when the underground market offers lower prices, most consumers still buy on the legal market when possible, because:

They may prefer legal suppliers, as they are easier to contact and can be held accountable for faults;
In some^[2] jurisdictions, customers may be charged with a criminal offence if they knowingly participate in the black economy, even as a consumer;
They may feel in danger of being hurt while making the deal;
They may have a moral dislike of black marketing;
In some jurisdictions (such as England and Wales), consumers in possession of stolen goods will have them taken away if they are traced, even if they did not know they were stolen. Though they themselves commit no offence, they are still left with no goods and no money back. This risk makes some averse to buying goods that they think may be from the underground market, even if in fact they are legitimate (for example, items sold at a car boot sale).

But some actively prefer the underground market, particularly when government regulations and monopolies hinder what would otherwise be a legitimate competitive service. For example:

Unlicensed taxicabs. In Baltimore, it has been reported that many consumers actively prefer illegal taxis, citing that they are more available, convenient, and priced fairly.^[3]

[edit] Traded goods and services

Largest black markets	Estimated annual market value (Billion USD)
Total	1,100^[4] or 1,400^[4]
Marijuana	142^[4]
Prostitution	108^[4]
Counterfeit technology products	100^[4]
Counterfeit pharmaceutical drugs	75^[4]
Prescription drugs	73^[4]
Cocaine	70^[4]
Opium and heroin	65^[4]
Web Video piracy	60^[4]
Software piracy	53^[4]
Cigarette smuggling	50^[4]

In developed countries, some examples of underground economic activities include:

[edit] Transportation providers

Where taxicabs, buses, and other transportation providers are strictly regulated or monopolised by government, a black market typically flourishes to provide transportation to poorly served or overpriced communities. In the United States, some cities restrict entry to the taxicab market with a medallion system— that is, taxicabs must get a special license and display it on a medallion in the vehicle. This has led to a market in Carpooling/illegal taxicab operation, although in most jurisdictions it is not illegal to sell the medallions themselves.^{[citation needed]}

[edit] Illegal drugs

Main article: Illegal drug trade

From the late nineteenth and early twentieth centuries, many countries began to ban the keeping or using of some recreational drugs, such as the United States' war on drugs. Many people nonetheless continue to use illegal drugs, and a black market exists to supply them. Despite law enforcement efforts to intercept them, demand remains high, providing a large profit motive for organized criminal groups to keep drugs supplied. The United Nations has reported that the retail market value of illegal drugs is $321.6 billion USD.^[5]

Although law enforcement officers do capture a small proportion of the illegal drugs, the high and very stable demand for such drugs ensures that black market prices will simply rise in response to the decrease in supply—encouraging new distributors to enter the market. Many drug legalisation activists draw parallels between the illegal drug trade and the Prohibition of alcohol in the United States in the 1920s.

In the United Kingdom, it is not illegal to take drugs, but it is illegal to possess them. This can lead to the unintended consequence that those in possession may swallow the evidence; once in the body they are committing no crime.

[edit] Prostitution

Prostitution is illegal or highly regulated in most countries across the world. These places form a classic study of the underground economy, because of consistent high demand from customers, relatively high pay, but labor intensive and low skilled work, which attracts a continual supply of workers. While prostitution exists in almost every country, studies show that it tends to flourish more in poorer countries, and in areas with large numbers of unattached men, such as around military bases.^[6]

Prostitutes in the black market generally operate with some degree of secrecy, sometimes negotiating prices and activities through codewords and subtle gestures. In countries such as the Netherlands, where prostitution is legal but regulated, illegal prostitutes exist whose services are offered cheaper without regard for the legal requirements or procedures— health checks, standards of accommodation, and so on.

In other countries such as Nicaragua where legal prostitution is regulated, hotels may require both parties to identify themselves, to prevent the rise of child prostitution.

[edit] Weaponry

The legislatures of many countries forbid or restrict the personal ownership of weapons. These restrictions can range from small knives to firearms, either altogether or by classification (e.g. caliber, automation, etc.), to explosives. The black market supplies the demands for weaponry that can not be obtained legally, or may only be obtained legally after obtaining permits and paying fees. This may be by smuggling the arms from countries where they were bought legally or stolen, or by stealing from arms manufacturers within the country itself, using insiders. In cases where the underground economy is unable to smuggle firearms, they can also satisfy requests by gunsmithing their own firearms. Those who may buy this way include criminals, those who wish to use them for illegal activities, and collectors.

In England and Wales some kinds of arms designed for shooting animals may be kept at home but must be registered with the local police force and kept in a locked cabinet. Some people buy on the black market if they would not meet the conditions for registration— for example if they have a record of committing a criminal offense, however minor.

In some jurisdictions, collectors may legally keep antique weapons. Sometimes they must be disarmed (incapable of being fired); but sometimes they are so ineffective by modern standards that they are allowed to be kept intact. For example a blunderbuss or cannon is hardly likely to be used for a drive-by shooting.

[edit] Alcohol and tobacco

It has been reported that smuggling one truckload of cigarettes from a low-tax US state to a high-tax state can lead to a profit of up to $2 million.^[7] The low-tax states are generally the major tobacco producers, and have come under enormous criticism for their reluctance to increase taxes. North Carolina eventually agreed to raise its taxes from 5 cents to 35 cents per pack of 20 cigarettes, although this remains far below the national average.^[8] But South Carolina has so far refused to follow suit and raise taxes from seven cents per pack (the lowest in the USA).^[9]

In the UK it has been reported that "27% of cigarettes and 68% of roll your own tobacco [is] purchased on the black market".^[10]

[edit] Booze cruise

Main article: Booze cruise

In the UK, the booze cruise— a day-trip ferry to continental Europe simply to get alcohol and tobacco at lower tax rates— is still very popular. Its popularity varies on the Euro to Sterling exchange rate, and the relative tax rates between the different countries. Some people do not even bother to get off the boat; they buy their stock on board and sail straight back. Ferry companies offer extremely low fares, in the expectation that they will make the money up in sales on the boat.^{[citation needed]} The same system exists for boats between Liverpool and Dublin, Ireland.

Providing the goods are for personal consumption, "booze cruises" are entirely legal. Because there are no customs restrictions between European Union countries it is not strictly a black market, but closer to a grey market. The UK and Ireland are both European Union members and are both in a Common Travel Area so there are neither customs nor passport checks between the two countries.

There is however a thriving black market in goods, rubbing tobacco in particular, which have avoided the payment of excise duty. This is partly supplied by "booze cruises".

[edit] Copyrighted media

Street vendors in countries where there is scant enforcement of copyright law, particularly in Asia, often sell deeply discounted copies of films, music CDs, and computer software such as video games, sometimes even before the official release of the title. A determined counterfeiter with a few hundred dollars can make copies that are digitally identical to an original and suffer no loss in quality; innovations in consumer DVD and CD writers and the widespread availability of cracks on the Internet for most forms of copy protection technology make this cheap and easy to do.

This has proved very difficult for copyright holders to combat through the law courts, because the operations are distributed and widespread— there is no "Mr. Big"^{[citation needed]}. Since digital information can be duplicated repeatedly with no loss of quality, and distributed electronically at little to no cost, the effective underground market value of media is zero, differentiating it from nearly all other forms of underground economic activity. The issue is compounded by widespread indifference to enforcing copyright law, both with governments and the public at large. To steal a car is seen as a crime in most people's eyes, but to obtain illicit copies of music or a game is not.^[11]

[edit] Currency

Main article: Fixed exchange rate

Money itself is traded on the black market. This may happen for one or more of several reasons:

The government sets ("pegs") the local currency at some arbitrary level to another currency that does not reflect its true market value.
A government makes it difficult or illegal for its citizens to own much or any foreign currency.
The government taxes exchanging the local currency with other currencies, either in one direction or both (e.g. foreigners are taxed to buy local currency, or residents are taxed to buy foreign currency)
The currency is counterfeit.
The currency has been acquired illegally and need to be laundered before the money can be used.^[12]

A government may officially set the rate of exchange of its currency with that of other currencies— typically the US dollar. When it does, it is often pegged at an exchange rate that is artificially low— that is, below what would be the market value if it were a floating currency. Others in possession of the foreign currency, for example expatriate workers, will sell the foreign currency to buy local currency at higher exchange rates than they can get officially.

More rarely, a government may peg its currency too high. This tends to make the foreign currency become a de facto currency for the country, since it is easier for everyone to deal in the tradable foreign currency than the local one. Tourists and occasional visitors tend to deal solely in a major hard currency instead of the local currency. The whole country is essentially then trading on the black market. Some countries, such as Ecuador, abandoned their local currency and now use US dollars, essentially for this reason, a process known as dollarization. See also the example of the Ghanaian cedi from the 1970s and 1980s.

The Cuban convertible peso and US Continental dollar both have had black market rates significantly different from their face value.

If foreign currency is difficult or illegal for local citizens to acquire, they will pay a premium to acquire it. Taxation is generally less important but, if it is high enough, can still encourage a black market simply for tax avoidance even if currency trading is generally legal.

[edit] Fuel

In the EU it is not illegal for a person or business to buy fuel in one EU state for their own use in another, but as with other goods the tax will generally be payable by the final customer at the physical place of making the purchase.

Between the Republic of Ireland and Northern Ireland there has often been a black market in petrol and diesel.^[13]^[14] The direction of smuggling can change depending on the variation of the taxes and the exchange rate between the Euro and Pound Sterling; indeed sometimes diesel will be smuggled in one direction and petrol the other.

In some countries diesel fuel for agricultural vehicles or domestic use is taxed at a much lower rate than that for other vehicles. This is known as dyed fuel, because a coloured dye is added so it can be detected if used in other vehicles (e.g. a red dye in the UK, a green dye in Ireland). Nevertheless, the saving is attractive enough to make a black market in agricultural diesel. In 2007 it was estimated that £350 million was not gained in potential revenue this way in the UK.^[15]

[edit] Appearance and disappearance

If an economic good is illegal but not seen by many in society as particularly harmful, such as alcohol under prohibition in the United States, the black market prospers. Black marketeers can reinvest profits in diverse legal or illegal activities, well beyond the original source of profit.

Some, for example in the marijuana-trade debate, argue for removing the underground markets by making illegal products legal. This would, in their view:

decrease the illegal cashflow, thus making the performance of other, potentially more harmful, activities financially harder
allow quality and safety controls on the traded goods, thus reducing harm to consumers
let the goods be taxed, providing a source of revenue
free up court time and prison space and save taxpayer money.

[edit] Modern examples

[edit] Wars

Black markets flourish in most countries during wartime. States that are engaged in total war or other large-scale, extended wars must necessarily impose restrictions on home use of critical resources that are needed for the war effort, such as food, gasoline, rubber, metal, etc., typically through rationing. In most cases, a black market develops to supply rationed goods at exorbitant prices. The rationing and price controls enforced in many countries during World War II encouraged widespread black market activity.^[16] One source of black-market meat under wartime rationing was by farmers declaring fewer domestic animal births to the Ministry of Food than actually happened. Another in Britain was supplies from the USA, intended only for use in USA army bases on British land, but leaked into the local native British black market.

During the Vietnam war, soldiers would spend Military Payment Certificates on maid service and sexual entertainment,^{[citation needed]} thus supporting their partners and their families. If the Vietnamese civilian wanted something that was hard to get, he would purchase it at double the price from one of the soldiers, who had a monthly ration card and thus had access to the military stores.^{[citation needed]} The transactions ran through the on-base maids to the local populace. Although these activities were illegal, only flagrant or large-scale black-marketeers were prosecuted by the military.^{[citation needed]}

[edit] Prohibition in the United States

Main article: Prohibition in the United States

[edit] Alcohol

[edit] Smoking

This effect is seen similarly today, when jurisdictions pass bans on smoking in bars and restaurants. In these jurisdictions, smokeasies arise which allow smoking despite the legal prohibition. In a sense the owner is not a black marketeer since he is not necessarily selling tobacco, but he profits by the sale of other goods on his premises (typically alcohol).

This phenomenon is very prevalent in many US state jurisdictions with smoking bans, including California^[17]^[18], Philadelphia^[19]^[20], Utah^[21], Seattle^[22], Ohio^[23], and Washington, D.C.^[24].

[edit] Comparison with regular economy

Country	Estimated size of shadow economy in percent of GDP, average over 1990-93^[25]
Developing economies
Africa
Nigeria and Egypt	68-76%
Tunisia and Morocco	39-45%
Central and South America
Guatemala, Mexico, Peru and Panama	40-60%
Chile, Costa Rica, Venezuela, Brazil, Paraguay and Colombia	25-35%
Asia
Thailand	70%
Philippines, Sri Lanka and Malaysia	38-50%
Hong Kong and Singapore	13%
Transition economies
Central Europe
Hungary, Bulgaria and Poland	20-28%
Romania, Slovakia and Czech Republic	7-16%
Former Soviet Union
Georgia, Azerbaijan, Ukraine and Belarus	28-43%
Russia, Lithuania, Latvia and Estonia	20-27%
Developed economies
Greece, Italy, Portugal and Belgium	24-30%
Sweden, Norway, Denmark, Ireland, France, Spain, The Netherlands, Germany and Great Britain	13-23%
Japan, United States, Austria and Switzerland	8-10%

[edit] Market economy

Agorists and some other proponents of the free market argue that the black market is the most free market.^[26] Other regulated markets, they claim, suffer one way or another from undue interference in the general working of a free market.

Others^{[citation needed]} argue that black markets are often controlled by other parties — such as a gang that aggressively regulates the drug trade in its territory — in a similar fashion to the government control of white markets, and are therefore not truly free markets. Agorists, however, use the term "red market" to distinguish between black markets in general and those based on violence and theft.^[26]

[edit] See also

[edit] References

^ "New underground economy - Washington Times". www.washingtontimes.com. http://www.washingtontimes.com/news/2009/dec/09/new-underground-economy/. Retrieved 2010-07-06.
^ https://lagen.nu/dom/nja/1985s444
^ Christina Royster-Hemb (21 April 2004), "Feature: A Baltimore Way of Life", citypaper.com, http://www.citypaper.com/news/story.asp?id=6264, retrieved 2009-05-11
^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k ^l Black Market Products Index at Havocscope. Retrieved on April 17, 2010. (Calculated by adding up the various black market activities that are currently being monitored [1])
^ [2]^{[dead link]}
^ Journal of Political Economy, "A Theory of Prostitution" February 16, 2001
^ Horiwitz, Sari (8 June 2004), "Cigarette Smuggling Linked to Terrorism", The Washington Post: A04, http://www.washingtonpost.com/wp-dyn/articles/A23384-2004Jun7.html, retrieved 11 May 2009
^ North Carolina's Cigarette Tax Increase Is A Small Step In The Right Direction But Kids and Taxpayers Will Miss Benefits of Greater Increase (Campaign for Tobacco-Free Kids)
^ The Tax Foundation— State Sales, Gasoline, Cigarette, and Alcohol Tax Rates by State, 2000-2008
^ Scotish Grocers' Federation (2009-02-25). ""Illegal Cigarettes Partnership Must Address All Aspects of Black Market"". http://www.scottishshop.org.uk/site/Home/EB076AB4-678F-4125-96ED-61B7BCF87114.html. Retrieved 2009-03-23. ^{[dead link]}
^ Charles W. Moore. "Is music piracy stealing?". http://www.applelinks.com/mooresviews/pirate.shtml. Retrieved 2009-03-15.
^ "PBS Frontline: Drug Wars: Special Reports: the black peso money laudering system". http://www.pbs.org/wgbh/pages/frontline/shows/drugs/special/blackpeso.html.
^ Tom Peterkin, Ireland Correspondent (31 Jan 2006). "IRA fuel smuggling 'drove oil giants to abandon Ulster'". The Daily Telegraph (London). http://www.telegraph.co.uk/news/uknews/1509280/IRA-fuel-smuggling-drove-oil-giants-to-abandon-Ulster.html. Retrieved 26 March 2009.
^ "Fuel smuggling down say customs". BBC. 3 May 2001. http://news.bbc.co.uk/1/hi/northern_ireland/1311445.stm. Retrieved 26 March 2009.
^ "Red diesel abuse costs UK millions". What Car? (Haymarket Group). 7 November 2007. http://www.whatcar.com/news-article.aspx?NA=229086. Retrieved 26 March 2009.
^ The Home Front (facsimile ed.). London: Imperial War Museum. July 1945. ISBN 1-904-897-11-8.
^ "California's Ban to Clear Smoke Inside Most Bars," The New York Times, December 31, 1997
^ "The Land of Smoke-Easies, $500 Barfs," The San Francisco Chronicle, May 15, 1998
^ "'Smoke-easys' ignore the tobacco ban", Philadelphia Inquirer, March 27, 2007
^ "Smoke-easies", Fort Wayne News-Sentinel, March 28, 2007
^ "Everyone Head for the Smoke-Easy," Utah Statesman, December 12, 2006
^ "Smokers find refuge in secret nicotine dens", Seattlepi.com, May 31, 2006
^ "smoke-easies, altoid tins, blue moon, janis joplin and vivid imaginations" Yellow Is The Color Blog
^ "Smoke-easies offer cover from puff police; Aficionados just want a place to light up, relax," The Washington Times, November 20, 2003
^ Matthew H. Fleming, John Roman, and Graham Farrel. The shadow economy
^ ^a ^b Konkin, Samuel Edward. New Libertarian Manifesto

[edit] Further reading

Schneider, Friedrich; Enste, Dominik H. (2000). "Shadow Economies: Size, Causes, and Consequences". Journal of Economic Literature (American Economic Association) 38 (1): 77–114. http://www.jstor.org/stable/2565360. .

[edit] External links

Official March 2000 French Parliamentary Report on the obstacles on the control and repression of financial criminal activity and of money-laundering in Europe by French MPs Vincent Peillon and Arnaud Montebourg, third section on "Luxembourg's political dependency toward the financial sector: the Clearstream affair" (pp. 83–111 on PDF version)
The Underground Economy from National Center for Policy Analysis (1998)
Going Underground: America's Shadow Economy by Jim McTague (2005)
The Underground Economy: Global Evidence of Its Size and Impact (1997)
The Effects of a Black Market Using Supply and Demand
Information on Black Market products
Economist, 11 August 2010, A lengthening shadow: Shadow economies have grown since the financial crisis began

Retrieved from "http://en.wikipedia.org/wiki/Black_market"

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